20th This Year : Community Bank of Loganville, Georgia, Closed
By Ari Levy
Community Bank of Loganville, Georgia, was closed by a state regulator today, the 20th U.S. bank seized this year as foreclosures rise and home prices extend declines in the worst housing slump since the Great Depression.
Bank of Essex in Tappahannock, Virginia, will take over all of the $611.4 million of deposits from Community Bank, Community Bank’s four offices will open Nov. 24 as Bank of Essex branches.
Bank of Essex will buy about $84.4 million of the failed bank’s $681 million in assets, Community Bank opened in 1946.
Regulators this year have closed the most banks since 1993, including 15 since July, and the collapses of Washington Mutual Inc. and IndyMac Bancorp Inc. were among the biggest in history. The U.S. is seeking to boost bank capital and avert failures using $250 billion from a bank-rescue fund enacted after the housing slump and tightening credit froze markets.
The U.S. closed 27 banks from October 2000 through the end of last year, according to a list at fdic.gov.
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Sources :
- Bloomberg : Community Bank of Loganville, Georgia, Is Shuttered (Update1) | November 21, 2008 18:42 EST
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